The Canadian Vanguard Stock Market Report At Market Close – Wednesday, November 6, 2024
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The Toronto Market
The TSX composite vaulted 249.55 points or 1.02% to close the market at 24,637.45. The TSX advanced today, indeed all the major North American markets major gains today.
The Market Spread: The market breadth was certainly not truly broad-based today. Technology was up 2.66%; Energy was up 2.00%; Financials was up 1.43%; Industrials gained 1.27% and Discretionary Consumer Goods & services was up 1.04%. The other sectors declined. Telecommunications Services was down -1.22%; Utilities declined -1.58% and Healthcare was down -3.05%.
Industry Groups: Electrical Components & Equipment was up 7.36%; Consumer Electronics was up 4.82%; Insurance – Life & Health was up 3.79%; Airlines was up 3.47%; and Oil & Gas Refining & Marketing was up 3.30%.
Today’s Statistics: Today, the gaining issues (Advancers) outnumbered the declined issues (Decliners). There were six Advancers for every five Decliners or a ratio of 1.27 to 1.0. In real numbers, there were 1,075 Advancers and 844 Decliners while 132 stocks remained Unchanged.
The total volume of shares traded at the TSX today was 464,654,590 or 48% more when compared to the volume of 313,579,834 shares traded yesterday.
Today, there were 345 new 52-Week Highs and 64 new 52-Week Lows. By comparison, there were 43 new 52-Week Highs and 25 new 52-Week Lows yesterday.
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The US Markets
The Dow Jones Index catapulted a record daily gain of 1,508.05 points or 3.57% to close at 43,729.93. The S&P 500 index vaulted 146.28 points or 2.53%, to close at 5,929.04. The Nasdaq Composite jumped to 544.29 points or 2.95%, to close the session at 18,983.47. The election win by former President Trump gave wings to markets for a spectacular performance today.
The markets today were driven by the major news of the result of the US election yesterday. The result of the election released overnight had confirmed the election of former US President, Donald Trump, as the new president elect. The market took his election favourably driving the markets to record gains.
The Market Spread: The indexes were high flying today but the market breadth still fell short of being truly broad-based albeit slightly. Financials vaulted up 4.68%; Industrials advanced 3.96%; Durable Consumer Goods & Services was up a good 2.78%. Technology was up 2.34% and Basic Materials was up 1.14%. Utilities, Healthcare and Discretionary Good & Services declined. The banks were the stocks to beat today. J P Morgan Chase, for example, was up 11.54%.
Industry Groups: Auto & Truck Manufacturers was up 8.59%; Coal, up 7.90%, improved upon yesterday’s gain of 3.27%; Banks advanced 7.63%; Rails & Roads – Passengers was up 7.61% and Oil & Gas Drilling was up 7.57%. Beverages – Distillers & Wineries was the worst performing industry but was down just -3.61%.
Today’s Market Statistics: At the NYSE, the gaining issues (Advancers) outnumbered the declined issues (Decliners). There were three Advancers for every two Decliners or an actual ratio of 1.50 to1.0. In actual numbers, there were 2,494 Advancers to 1,657 Decliners with 218 Unchanged.
Today, there were 871 new 52-Week Highs and 117 new 52-Week Lows. By comparison, yesterday there were 180 new 52-Week Highs and 60 new 52-Week Lows.
The total volume of stocks traded at the NYSE today was 1,252,954,695 or 35% more when compared with the total volume of 928,094,322 stocks traded yesterday.
On the NASDAQ, the Advancers outnumbered the Decliners. For every nine Advancers there were five Decliners or a ratio of 1.84 to1.0. In actual numbers, 2,816 Advancers to 1,533 Decliners with 215 Unchanged.
Today, there were 669 new 52-Week Highs but 150 new 52-Week Lows. By comparison, yesterday there were 139 new 52-Week Highs but 113 new 52-Week Lows.
The total volume of stocks traded at the NASDAQ today was 8,356,171,292, or 41% more when compared to the total volume of 5,924,910,427 shares traded yesterday. Outsize volume increase compared to the previous session’s volume such as we got today is not something that happens once in blue moon so to say. Such a high daily volume, as we saw today at a regular market session and which is not related to reporting or scheduled market events, happens usually as a result of such infrequent but significant events such as presidential elections.
Oil Price: Oil price was at $71.90, up possibly as investors eye the fallout from the US election result.
10 –year Treasury Yield: The 10-year yield was up on Trump’s win. The US 10-year Treasury yield closed at 4.43%, up from Tuesday’s close of 4.289%. The five-year yield closed at 4.272%, up from Tuesday’s 4.17% close.
Market Roundup Report: Futures are little changed this evening after a major rally during the regular market session. The so called Trump Rally had big impact on Financials including the crypto currency market. Bitcoin hit a record high Wednesday, fueled by President-elect Donald Trump’s pro-cryptocurrency stance. Bitcoin was up briefly topping $75,000. Banking stocks did well with most of the big banks gaining in excess of 11% today. The focus over the next few days is to identify the short term from the long term effects of the Trump presidency on the market. There certainly will likely be quite some rotations. The Fed is expected to cut interest rates tomorrow. Home Builder stocks should do well in response to lower interest rates as that is likely to enable more buyers in to the market.
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Stocks In The News/Stocks To Watch
The US Markets
There was Trump Rally today but some stocks clearly did not participate in the rally. Super Micro Computer Inc (SMCI) continued to decline. The stock declined -18.05% or -$5.00 today. Solar energy company stocks also declined today as the market apparently thinks that Trump policies are less likely to support solar industry as much as the Democrats. First Solar Inc. declined -10.13% or -$21.87 today.
Shift4 Payments (FOUR), a global leader in integrated payments and commerce technology, today announced a strategic partnership with ConnexPay, the world’s first all-in-one payments platform. This partnership will unlock new growth potential in key regions for both companies. Shift4 Payments Inc. was up 8.88% or $7.99 today.
The “Trump Rally” lifted the stocks of all the big banks today. The banks gained in excess of 11%. JP Morgan Chase Bank (JPM) was up 11.54%. Goldman Sachs Group (GS) was up 13.10% or $69.02 to close the session at $595.98 with 8M shares changing hands today.
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Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
Blended Growth Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
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